Business Description:Microfinance - Providing small scale financial services - micro-credit - to low income households and enterprises which have traditionally been excluded from the mainstream financial system.
With an aim to help realize 2 million dreams in 5 years, we aspire to touch every aspect of our members? lives with a slew of non-financial and livelihood opportunities in addition to financial services.
Our aim is:
- To provide quality health care at affordable price and easy access by establishing health clinics along with our branches. We are in the study phase and exploring opportunities with health care majors, for whom this will pave way to acquire a large client base, to provide this service.
- To provide legal consultation at a nominal fee, to enable members to understand where they stand in the court of law.
- To provide essential commodities to the members at competitive retail prices, enabling them to reduce their monthly expenditures significantly. We are in talks and working out modalities with major retailers/ wholesalers to make this happen.
- To engage our customers in Samasta's renewable energy ventures for bringing clean energy to the bottom of the pyramid, promoting environmental justice, and preserving the natural environment as a commercial venture.
Industry:Finance
Founded in:2008
Source of idea:Systematic search for business opportunity
Significant Competitors:Equitas, Ujjivan, Ashirwad
Company Details :
Company Name:Samasta Microfinance Limited
HeadQuarters:Chennai
Stage of the company:Scaling up
No of Employees (2006):Did not exist
No of Employees (2007):26-50
Office Locations(2006):Did not exist
Office Locations(2007):2-5
No of companies promoted:No
Profits (2006):Did not exist
Profits (2007):preprofit
>Partnerships:LIC - To offer micro-insurance to our members.
SRM Hospital - To offer affordable health services to our members
Unitus - Have tied up to raise capital for expansion.
Initial Funding:Family & friends
Addl Funding:Venture capital
Institutitional Capital:No
Revneue Model:Through interest to the micro-credit lent to our members. The principal and interest are collected every week for a period of 50 weeks.
Awards & honors:Being recognized a couple of times for the extraordinary performance in the relative products.
Promoters Details :
Promoters Name(s):Narayananswamy Venkatesh
Age:33
HomeTown:Bangalore
Education:Bachelors
No of companies promoted:No
Family Background:Business
Job:Proprietor at Techno Acqusitions Inc.
Ex-Job Description:Implementing New Initiatives
Favorite Book/Movie:Fortune at the Bottom of the Pyramid
